CompoSecure Inc (CMPO) 2025 Q2 法說會逐字稿

Good day everyone, and welcome to the CompoSecure second-quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 CompoSecure 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

Now, it's my pleasure to turn the call over to the General Counsel, Steve Feder.

現在，我很高興將電話轉給總法律顧問史蒂夫費德 (Steve Feder)。

Good afternoon, and thank you for joining us to review CompoSecure second-quarter 2025 financial results. With me on the call from CompoSecure are Dave Cote, Executive Chairman; Jon Wilk, Chief Executive Officer; and Tim Fitzsimmons, Chief Financial Officer. They will begin with prepared remarks and then we will open the call for Q&A.

下午好，感謝您與我們一起回顧 CompoSecure 2025 年第二季的財務表現。與我一起參加 CompoSecure 電話會議的還有執行主席 Dave Cote、執行長 Jon Wilk 和財務長 Tim Fitzsimmons。他們將首先發表準備好的講話，然後我們將開始問答環節。

During the call, we will make statements relating to our business that may be considered forward-looking, including statements concerning our plans to execute on our growth strategy, customer demand, our ability to maintain existing and acquire new customers, implementation of the CompoSecure operating system, and our guidance for the balance of 2025, as well as other statements regarding our plans and prospects.

在電話會議中，我們將就我們的業務做出可能被視為前瞻性的聲明，包括有關我們執行增長戰略的計劃、客戶需求、我們維護現有客戶和獲取新客戶的能力、CompoSecure 操作系統的實施以及我們對 2025 年餘額的指導，以及有關我們的計劃和前景的其他聲明。

Forward-looking statements may often be identified with words such as we expect, we anticipate, or upcoming. These statements reflect our views only as of today and should not be considered our views as of any subsequent date. We undertake no obligation to update or revise these forward-looking statements. Forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from our expectations.

前瞻性陳述通常可以用「我們期望」、「我們預期」或「即將發生」等字眼來表示。這些聲明僅反映我們截至今天的觀點，不應被視為我們任何後續日期的觀點。我們不承擔更新或修改這些前瞻性陳述的義務。前瞻性陳述並非對未來績效的承諾或保證，並且受各種風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

For a discussion of these risks and other important factors that could affect our results, please refer to the information in our 10-K, 10-Qs, and other reports filed with the SEC available on the Investors Relations section of our website and on the SEC's website at sec.gov.

有關這些風險和其他可能影響我們業績的重要因素的討論，請參閱我們向美國證券交易委員會 (SEC) 提交的 10-K、10-Q 和其他報告中的信息，這些報告可在我們網站的投資者關係部分和美國證券交易委員會 (SEC) 網站 sec.gov 上找到。

Please note that effective as of February 28, 2025, the date of the spin-off of Resolute Holdings Management, Inc., and as a result of the management agreement between Resolute Holdings Management, Inc., and the company's wholly-owned subsidiary, CompoSecure Holdings, the results of operations of CompoSecure Holdings and the operating companies, which are its subsidiaries, are not consolidated in the financial statements of CompoSecure, Inc., included in our quarterly report on Form 10-Q and the company earnings presentation and instead are accounted for by CompoSecure under the equity method of accounting. I

請注意，自 2025 年 2 月 28 日 Resolute Holdings Management, Inc. 分拆之日起，根據 Resolute Holdings Management, Inc. 與其全資子公司 CompoSecure Holdings 之間的管理協議，CompoSecure Holdings 及其子公司的經營公司的經營業績不合併在 CompoSecure, Inc. 的財務報表中，該報表包括在我們的季度報告和 Compureo%根據權益法進行核算。我

n the earnings release we issued earlier today and in the discussion on today's call, we also present non-GAAP results to help investors reconcile and better understand our operating performance. The company believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends impacting the company's financial condition and results of operations. These non-GAAP financial measures should not be considered as an alternative to net income or any other performance measures derived in accordance with US GAAP and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of GAAP to non-GAAP measures is available in our press release and earnings presentation available in the IR section of our website.

在我們今天早些時候發布的收益報告中以及在今天的電話討論中，我們還提供了非公認會計準則結果，以幫助投資者協調並更好地理解我們的經營業績。該公司認為，這些非公認會計準則財務指標為管理層和投資者提供了有關影響公司財務狀況和經營業績的某些財務和業務趨勢的有用資訊。這些非公認會計準則財務指標不應被視為淨收入或根據美國公認會計準則得出的任何其他績效指標的替代品，並且可能與其他公司使用的類似名稱的非公認會計準則指標不同。我們的新聞稿中提供了 GAAP 與非 GAAP 指標的對帳表，網站的 IR 部分提供了收益介紹。

Thank you. And with that said, let me turn the call over to Executive Chairman, Dave Cote.

謝謝。說完這些，讓我把電話轉給執行主席戴夫‧科特 (Dave Cote)。

Of our investment in CompoSecure, and I want to step back and assess the opportunity compared to what we saw at the time of our investment. That said, Tom and I were confident that CompoSecure had a great position in a good industry. This has proven to be true.

關於我們對 CompoSecure 的投資，我想回顧並評估與我們投資時所看到的機會相比的機會。話雖如此，湯姆和我都相信 CompoSecure 在良好的行業中佔據著重要的地位。事實證明這是真的。

We're firing away the leader in metal cards globally, but importantly, metal cards in total represent less than 1% penetration of the payment card market. This is the case even though the financial and brand benefits our metal cards offer to an issuer are huge and proven with the most recognizable card programs in the world.

我們正在成為全球金屬卡領域的領導者，但重要的是，金屬卡在支付卡市場的滲透率不到 1%。儘管我們的金屬卡為發卡機構提供了巨大的財務和品牌利益，並且已透過世界上最知名的卡片計劃得到證實，但情況仍然如此。

We believe the upside for us and our customers is significant. And we believe the opportunity for metal to take a larger share of the total market is very real.

我們相信，這對我們和我們的客戶來說都是巨大的優勢。我們相信，金屬佔據更大市場份額的機會是真實存在的。

I can confirm we are seeing early results from our focus on Compo's sales efforts and are confident in the continued investments we're making to capitalize on the very large opportunity we see.

我可以確認，我們對 Compo 銷售工作的關注已經取得了早期成果，並且我們對持續投資充滿信心，可以充分利用我們所看到的巨大機會。

We're also very encouraged with the early results from the implementation of the Compo Operating System, or COS. We believe at the time of our investment that opportunities existed for step changes in performance, and we're beginning to see those come to fruition. We're making capital investments across the enterprise that we believe will drive meaningful results over time. All of this is intended to enable CompoSecure to build and sustain a culture of excellence delivers for our customers, employees, and investors in a very real way over time.

我們對 Compo 作業系統（COS）實施的早期成果感到非常鼓舞。我們相信，在我們投資時，績效就存在著階梯式變化的機會，我們開始看到這些機會實現。我們正在對整個企業進行資本投資，我們相信這將隨著時間的推移帶來有意義的成果。所有這些都是為了使 CompoSecure 能夠長期以非常現實的方式為我們的客戶、員工和投資者建立和維持卓越的文化。

The high performance culture is the glue that allows COS to become ingrained throughout the enterprise, and it is beginning to happen. This will take time, but proven before, this approach to building a business really work.

高績效文化是讓 COS 在整個企業中紮根的黏合劑，而且它正在開始發生。這需要時間，但之前已證明，這種建立業務的方法確實有效。

As I've said, I have even greater confidence today about what is possible for CompoSecure than when we first invested.

正如我所說，今天我對 CompoSecure 的潛力比我們第一次投資時更有信心。

And with that, I'll turn the call over to Jon.

說完這些，我會把電話轉給喬恩。

Thank you, Dave. Good afternoon, everyone, and thank you for joining us for our second-quarter conference call. As mentioned last quarter, our results are being reported using equity method accounting following the completed spin off of Resolute Holdings Management earlier this year. Due to the change in accounting on this call, we will refer to non-GAAP measures for net sales, gross profit, and related operating measures. With that context, let's dive into the quarter.

謝謝你，戴夫。大家下午好，感謝大家參加我們的第二季電話會議。正如上個季度所提到的，在今年稍早完成 Resolute Holdings Management 的分拆後，我們的業績採用權益法會計報告。由於本次電話會議的會計處理方式發生變化，我們將參考非公認會計準則衡量淨銷售額、毛利和相關營運指標。在這樣的背景下，讓我們深入了解本季。

We delivered a strong top-line growth in Q2 with non-GAAP net sales increasing 10% year over year to $119.6 million. This was driven by robust domestic demand from traditional banks and leading fintechs.

我們在第二季度實現了強勁的營收成長，非公認會計準則淨銷售額年增 10%，達到 1.196 億美元。這是由傳統銀行和領先金融科技公司的強勁國內需求所推動的。

Pro forma adjusted EBITDA increased 26% to $46.3 million for the quarter, driven by organic revenue growth and the early operational efficiencies from the ongoing implementation of the CompoSecure Operating System. We also saw several high-profile customer program launches during the quarter, which I will expand on shortly.

本季度，調整後息稅折舊攤銷前利潤 (EBITDA) 成長 26%，達到 4,630 萬美元，這得益於有機收入的成長以及持續實施 CompoSecure 作業系統帶來的早期營運效率的提高。本季我們也看到了幾個備受矚目的客戶計畫的推出，我很快就會對此進行詳細說明。

For fiscal year 2025, we are raising our guidance and now expect non-GAAP net sales to be approximately $455 million. We also now expect pro forma adjusted EBITDA to be approximately $158 million. Both are up from prior guidance of mid-single-digit growth. This updated guidance reflects continued commercial and operational momentum in the second half of the year and ongoing foundational investments, as well as the payment of Resolute Holdings Management fee.

對於 2025 財年，我們提高了預期，目前預計非 GAAP 淨銷售額約為 4.55 億美元。我們現在也預計調整後的 EBITDA 約為 1.58 億美元。兩項數據均高於先前預測的中等個位數成長。該更新後的指引反映了下半年持續的商業和營運勢頭、持續的基礎投資以及 Resolute Holdings 管理費的支付。

You saw slide 5 last quarter, but as a quick reminder, because our reporting can be a bit complex, when you're trying to understand the CompoSecure business, think of it as our traditional operating results minus the management fee paid to Resolute. And when it comes to Resolute, it is essentially the management fee from CompoSecure less whatever operating expenses they incur.

您在上個季度看到了幻燈片 5，但需要快速提醒一下，由於我們的報告可能有點複雜，當您試圖了解 CompoSecure 業務時，可以將其視為我們的傳統經營業績減去支付給 Resolute 的管理費。對於 Resolute 來說，它本質上是 CompoSecure 的管理費減去其產生的營運費用。

Turning to slide 6, we continue to see strong activity around premium upgrade cycles and card program refreshes. These are great examples of how issuers are enhancing the value proposition of established premium products and speaks to the ROI of metal cards. We're also seeing growth from new market entrants and fintechs who are leaning into the differentiated offerings with metal card programs. Metal cards are increasingly serving a broad range of customers with product tiers designed to meet the needs of the high net worth, mass affluent, and also includes mass market segments.

翻到第 6 張投影片，我們繼續看到圍繞高級升級週期和卡片計畫更新的強勁活動。這些都是發卡機構如何提升現有高端產品的價值主張並體現金屬卡投資回報率的很好的例子。我們也看到新市場進入者和金融科技公司的成長，他們傾向於透過金屬卡計畫提供差異化產品。金屬卡正越來越多地服務於廣泛的客戶群體，其產品層次旨在滿足高淨值人士、大眾富裕人士以及大眾市場細分的需求。

On the operational side, we're making tangible progress through the CompoSecure Operating System. We've rolled out our operating system across all functional areas, establishing more structure and discipline in how we operate. We're building a high-performance culture that promotes collective ownership and drives accountability across the organization.

在營運方面，我們透過 CompoSecure 作業系統取得了切實的進展。我們在所有職能領域都推行了作業系統，為我們的營運建立了更多的結構和紀律。我們正在建立一種高績效文化，以促進集體所有權並推動整個組織的責任制。

And to support long-term growth and sustained execution, we've prioritized investments in talent and manufacturing capabilities, efforts that will enable us to scale efficiently and deliver strong margins.

為了支持長期成長和持續執行，我們優先投資人才和製造能力，這些努力將使我們能夠有效擴大規模並實現強勁的利潤率。

Taken together, we are clearly beginning to see the benefits of the CompoSecure Operating System in our financial performance as you can see from our improved margins this quarter.

總的來說，正如您從本季利潤率的提高中看到的那樣，我們清楚地開始看到 CompoSecure 作業系統為我們的財務表現帶來的好處。

Now, turning to slide 7. We continue to build on our market leadership with strong program activity during the quarter, highlighted by the launch and expansion of several metal card programs. They include the Chase Sapphire Reserve and the Chase Sapphire Reserve Business Card, the Coinbase One Card, Gemini, Crypto.com, and the MGM Reward card, demonstrating the breadth of customers that value our differentiated offerings.

現在翻到第 7 張投影片。本季度，我們繼續透過強勁的專案活動鞏固我們的市場領導地位，其中最突出的是推出和擴展了幾個金屬卡專案。其中包括 Chase Sapphire Reserve 和 Chase Sapphire Reserve Business Card、Coinbase One Card、Gemini、Crypto.com 和 MGM Reward 卡，展現了重視我們差異化產品的客戶廣度。

As we step back and look at the broader picture, slide 8 underscores just how much opportunity we see ahead. While metal cards remain a small fraction of total payment cards, consumer demand continues to rise, and we've proven our ability to grow within that white space.

當我們回顧過去，放眼更廣闊的前景時，第 8 張投影片強調了我們看到的未來有多少機會。雖然金屬卡在支付卡總量中所佔比例仍然很小，但消費者的需求卻在不斷上升，而且我們已經證明了我們有能力在這一空白領域實現成長。

With a market estimate of over 4 billion payment cards shipped every year and more issuers looking to differentiate through premium experiences, we believe there's a long runway for us to continue capturing share and delivering strong returns. Our combination of design leadership, operational execution, and trusted customer relationships puts us in a great position to continue to scale.

根據市場估計，每年支付卡的出貨量超過 40 億張，而且越來越多的發卡機構希望透過優質體驗實現差異化，我們相信，我們還有很長的路要走，能夠繼續佔領市場份額並獲得豐厚的回報。我們的設計領導力、營運執行力和值得信賴的客戶關係使我們處於繼續擴大規模的有利地位。

On slide 9, we continue to see strong signals from top issuers that reinforce the durability of premium metal card demand. These trends across three of the largest global issuers show just how much is being invested to attract and retain high-value customers.

在投影片 9 上，我們繼續看到來自頂級發行商的強烈訊號，增強了優質金屬卡需求的持久性。全球三大發行商的這些趨勢表明，它們為吸引和留住高價值客戶投入了多少資金。

Turning to slide 10, we're seeing growing momentum from Arculus as a secure multi-function platform for digital authentication and asset protection. We delivered another net positive quarter for Arculus, supported by continued operational progress and commercial momentum. The Arculus team was especially proud to partner with Coinbase and American Express on the launch of the new Coinbase One Card, the first crypto card on the American Express network, which underscores our role in enabling innovation in digital finance.

翻到第 10 張投影片，我們看到 Arculus 作為數位認證和資產保護的安全多功能平台的發展勢頭日益強勁。在持續的營運進度和商業動能的支持下，Arculus 又實現了淨正成長。Arculus 團隊非常榮幸能與 Coinbase 和美國運通合作推出新的 Coinbase One Card，這是美國運通網路上的第一張加密卡，這凸顯了我們在推動數位金融創新方面的作用。

As a reminder, and for those who may be new, our Arculus offering spans three core applications: Arculus Authenticate, our passkey-based authenticator; Secure Payment with Arculus Authenticate; and Arculus Cold Storage, the digital asset hardware wallet.

提醒一下，對於那些可能是新手的人來說，我們的 Arculus 產品涵蓋三個核心應用程式：Arculus Authenticate，我們的基於密碼的身份驗證器；使用 Arculus Authenticate 進行安全支付；以及 Arculus Cold Storage，數位資產硬體錢包。

These tools enable a range of use cases from passwordless login and account validation to step-up authentication and digital asset security.

這些工具支援一系列用例，從無密碼登入和帳戶驗證到逐步身份驗證和數位資產安全。

I'll now hand it over to Tim to review our financials before returning for closing remarks.

現在我將把會議交給提姆來審查我們的財務狀況，然後再回來做最後的總結演講。

Thank you, Jon, and good afternoon, everyone. Before running through our financial results, hopefully many of you caught the news last month that I will be retiring later this year after more than 13 incredible years with the company. It's been a remarkable run, and I'm grateful to have had the opportunity to work with such a talented team. I'm excited to see how the next chapter of CompoSecure unfolds and know the team will continue to raise the bar while I participate in the company's growth as an advisor and shareholder.

謝謝你，喬恩，大家下午好。在介紹我們的財務表現之前，希望你們中的許多人上個月已經知道了消息，我將在今年晚些時候退休，在公司度過了 13 年多的輝煌歲月。這是一次非凡的經歷，我很感激有機會與如此才華橫溢的團隊合作。我很高興看到 CompoSecure 的下一章如何展開，並且知道團隊將繼續提高標準，而我作為顧問和股東參與公司的成長。

I want to go through the required accounting changes reminded from last quarter. As of February 28, following the spin of Resolute Holdings and the execution of the management agreement, Resolute Holdings is required to consolidate the financial results of CompoSecure's operating businesses in accordance with US GAAP.

我想了解一下上個季度提醒的必要的會計變更。截至 2 月 28 日，在 Resolute Holdings 分拆並執行管理協議後，Resolute Holdings 需要按照美國 GAAP 合併 CompoSecure 營運業務的財務表現。

As a result of this change, the results of CompoSecure Holdings and its subsidiaries, which are our operating companies, are no longer consolidated in our GAAP financials. Instead, our share of earnings from CompoSecure Holdings is presented as a single-line item in our income statement, and the carrying value in the assets of CompoSecure Holdings is now reflected on our balance sheet. The non-GAAP financial information we are providing is comparable to our historical financial statements, with the only change being the management fee paid to Resolute Holdings.

由於這項變化，作為我們的營運公司的 CompoSecure Holdings 及其子公司的業績不再合併在我們的 GAAP 財務報表中。相反，我們從 CompoSecure Holdings 獲得的收益份額在我們的損益表中以單行項目的形式呈現，而 CompoSecure Holdings 資產的帳面價值現在反映在我們的資產負債表中。我們提供的非 GAAP 財務資訊與我們的歷史財務報表相當，唯一的變更是支付給 Resolute Holdings 的管理費。

For Resolute Holdings, the non-GAAP financials show management fee revenue from CompoSecure, less salaries and ongoing operating expenses.

對於 Resolute Holdings 而言，非 GAAP 財務數據顯示，其來自 CompoSecure 的管理費收入減去薪資和持續營運費用。

Now, turning to the quarter. I'll walk through our Q2 2025 financial performance. Unless stated otherwise, all comparisons and variance commentary are on a year-over-year basis.

現在，我們來談談本季。我將介紹我們 2025 年第二季的財務表現。除非另有說明，所有比較和差異評論均以同比為基礎。

In Q2, non-GAAP net sales increased 10% to $119.6 million compared to $108.6 million in the prior-year period, driven by strong domestic demand and growth across both traditional financial institutions and fintech partners. Non-GAAP gross margin for the quarter was 57.5% of net sales compared to 51.6% for the same quarter of the prior year. The gross margin expansion reflects improved manufacturing efficiencies driven by the CompoSecure Operating System, along with favorable product mix.

第二季度，非公認會計準則淨銷售額較去年同期的 1.086 億美元成長 10%，達到 1.196 億美元，這得益於強勁的國內需求以及傳統金融機構和金融科技合作夥伴的成長。本季非公認會計準則毛利率為淨銷售額的 57.5%，去年同期為 51.6%。毛利率的擴大反映了 CompoSecure 作業系統推動的製造效率的提高以及良好的產品組合。

Pro forma adjusted EBITDA for the quarter increased 26% to $46.3 million, up from $36.7 million in the year-ago period, with the increase due to organic revenue growth and in early operational efficiencies from ongoing implementation of the CompoSecure Operating System.

本季調整後息稅折舊攤銷前利潤 (EBITDA) 成長 26% 至 4,630 萬美元，高於去年同期的 3,670 萬美元，成長的原因是有機收入成長以及持續實施 CompoSecure 作業系統帶來的早期營運效率提升。

Pro forma adjusted EBITDA includes the payment of a management fee in the amount of $3.4 million for Q2 2025, as incurred by CompoSecure Holdings in the quarter and a $3.3 million fee for Q2 2024 on a pro forma basis for comparability is if the management fee had been in effect in this quarter as well. You could find the statement of operations in the appendix of the company earnings slides for a full reconciliation.

預計調整後的 EBITDA 包括支付 2025 年第二季度的 340 萬美元管理費，這是 CompoSecure Holdings 在本季度產生的費用，以及支付 2024 年第二季度的 330 萬美元費用，出於可比性考慮，預計管理費在本季度也已生效。您可以在公司收益投影片的附錄中找到營運報表，以進行完整的核對。

We continue to generate strong cash flow, bringing in approximately $52 million in operating cash flow year to date on a non-GAAP basis. This reflects both the efficiency of our model and our continued focus on disciplined execution.

我們繼續產生強勁的現金流，以非公認會計準則計算，今年迄今的營運現金流約為 5,200 萬美元。這既反映了我們模型的效率，也反映了我們對嚴格執行的持續關注。

At June 30, 2025, on a non-GAAP basis, CompoSecure had $96.5 million of cash and cash equivalents and $192.5 million of total debt, resulting in net debt of $96 million and a net debt leverage ratio of 0.66 times. This compares to June 30, 2024, non-GAAP cash and cash equivalents of $35.4 million and total debt of $330.9 million that resulted in net debt of $295.5 million and a net debt leverage ratio of 2.15 times. Both periods reflect pro forma management fees to Resolute Holdings. For further details and reconciliations, please refer to the appendix.

截至 2025 年 6 月 30 日，按照非 GAAP 計算，CompoSecure 擁有 9,650 萬美元的現金和現金等價物以及 1.925 億美元的總債務，導致淨債務為 9,600 萬美元，淨債務槓桿率為 0.66 倍。相較之下，2024 年 6 月 30 日的非 GAAP 現金和現金等價物為 3,540 萬美元，總債務為 3.309 億美元，淨債務為 2.955 億美元，淨債務槓桿率為 2.15 倍。這兩個期間均反映了 Resolute Holdings 的備考管理費。欲了解更多詳情和對賬，請參閱附錄。

On slide 14, you can see that the domestic net sales of complex secure holdings grew 22% to $104.3 million, an increase of $19.1 million compared to the prior-year period, while international net sales of complex secure holdings declined 35% to $15.3 million down $8.1 million versus the prior-year period. As we've often said in the past, our international business tends to see greater fluctuations given its smaller scale relative to our domestic business.

在投影片 14 上，您可以看到複雜安全資產的國內淨銷售額成長 22% 至 1.043 億美元，比去年同期增加了 1,910 萬美元，而複雜安全資產的國際淨銷售額下降 35% 至 1,530 萬美元，比去年同期減少了 810 萬美元。正如我們過去經常說的那樣，由於國際業務規模相對於國內業務較小，因此波動性往往更大。

Turning to slide 15, adjusted net income was $28.4 million compared to $24.2 million in the year ago period. Adjusted diluted EPS was $0.25 per share compared to $0.23 cents in the prior-year period.

翻到第 15 張投影片，調整後的淨收入為 2,840 萬美元，而去年同期為 2,420 萬美元。調整後稀釋每股收益為 0.25 美元，而去年同期為 0.23 美分。

With that, I'll hand it back to Jon.

說完這些，我就把它交還給喬恩。

Thanks, Tim. As mentioned, we are raising our full-year guidance. We now expect non-GAAP net sales to be approximately $455 million and pro forma adjusted EBITDA to be approximately $158 million, up from our previous guidance of mid-single-digit growth. Guidance for pro forma adjusted EBITDA includes the payment of the Resolute Holdings Management fee in both periods for comparison. This updated guidance reflects continued commercial and operational momentum in the second half of the year and ongoing foundational investments.

謝謝，蒂姆。正如所提到的，我們正在提高全年業績預期。我們現在預計非 GAAP 淨銷售額約為 4.55 億美元，調整後 EBITDA 約為 1.58 億美元，高於我們先前預測的中等個位數成長。為進行比較，預測調整後 EBITDA 的指導包括兩個期間支付的 Resolute Holdings 管理費。這項更新後的指南反映了下半年持續的商業和營運動能以及正在進行的基礎投資。

I'll close with reiterating what Dave highlighted in his opening remarks. Over the course of the past year, we've been planting seeds of investment that are starting to pay off, which is helping us drive growth while simultaneously improving operating efficiency. We believe the addressable market opportunity is huge given the continued interest in growing demand for premium payment products, authentication, and digital asset solutions. And our conviction about what's possible for CompoSecure is stronger than ever. And we believe we will continue to drive both short- and long-term value for our shareholders.

最後，我想重申戴夫在開場白中強調的內容。在過去的一年裡，我們一直在播下投資的種子，這些投資開始獲得回報，幫助我們推動成長，同時提高營運效率。我們相信，鑑於對高端支付產品、身份驗證和數位資產解決方案的需求持續增長，潛在的市場機會是巨大的。我們比以往任何時候都更堅信 CompoSecure 能夠實現其潛力。我們相信，我們將繼續為股東創造短期和長期價值。

With that, I'd like to open up the call for Q&A.

現在，我想開始問答環節。

(Operator Instructions) Moshe Orenbuch, TD Cowen.

（操作員指示） Moshe Orenbuch，TD Cowen。

Great. Jon, I guess I'm hoping to, since you've got so many kind of new and refreshed products out there, know, and Amex coming in the second half of the year, I didn't notice that whether you mentioned, you know, Citi Strata, that's another one that just recently launched, I think is a product of yours. Do you talk about when those players actually order those cards and when we see them in your results?

偉大的。喬恩，我想我希望如此，因為你們已經推出了很多新的和更新的產品，而且美國運通將在下半年推出，我沒有註意到你是否提到，你知道，花旗 Strata，那是最近剛推出的另一個產品，我想是你的產品。您是否談論過這些玩家何時真正訂購這些卡以及我們何時在您的結果中看到它們？

Yeah, thank you for the question, Moshe. And I did see your report, with your detective work on the Citi Strata card. So -- and yes, that is a card that we make. So look, it depends on the issuer. Typically, I'd say one to two quarters ahead depending on the size of the program, for some of the larger programs that we would expect.

是的，謝謝你的提問，Moshe。我確實看到了你的報告，以及你對花旗 Strata 卡的偵查工作。所以——是的，這是我們製作的一張卡片。所以，這取決於發行人。通常，對於我們預期的一些較大的項目，我會根據項目的規模提前一到兩個季度說。

Got it. Thank you. And Dave, I was struck by your comment about greater confidence in the investment now. And I think there's a lot of wonderful things that have been going on. There's practically a war in the high-end card segment. And you've had better sales likely to see continue. Arculus continues to improve. Could you talk about what the factors kind of that drove you to that statement? Which are the things that are most important that you feel have improved since you made the investment?

知道了。謝謝。戴夫，你關於現在對投資更有信心的評論讓我印象深刻。我認為有很多奇妙的事情正在發生。高階顯示卡市場其實存在著一場戰爭。並且您的銷售業績可能會持續更好。Arculus 繼續改進。您能談談是什麼因素促使您做出這樣的聲明嗎？自從您進行投資以來，您認為哪些最重要的事情得到了改善？

So Moshe, Dave had to drop off after his remarks. I apologize. We've had that conversation. I think in his remarks, he tried to highlight sort of the two sides of the story.

因此，Moshe，Dave 必須在演講結束後離開。我很抱歉。我們已經進行過這樣的對話。我認為他在講話中試圖強調故事的兩個方面。

It's one on the organic growth side. And when we talk about the impact of the changes that are happening, number one, we've talked about the ability to leverage Dave, the Resolute team, our Board, to help drive some of that organic growth, making introductions in a pretty material way in terms of trying to help accelerate that in addition to what we've talked about more, which is the operating system work and the efficiency work.

這是有機成長方面的一個面向。當我們談論正在發生的變化的影響時，首先，我們談到了利用戴夫、Resolute 團隊和我們的董事會來幫助推動部分有機增長的能力，以相當實質性的方式進行介紹，試圖幫助加速這一進程，此外，我們還談到了操作系統工作和效率工作。

And so his prepared remarks were intended to convey both the market opportunity, which I think he sees even more clearly today, just how big and important it is, combined with the progress being made on the organic growth and the operation side.

因此，他準備好的演講旨在傳達市場機會（我認為他今天更清楚地看到了市場機會的規模和重要性），以及有機成長和營運方面正在取得的進展。

Brian Vieten, Needham.

布萊恩·維滕，尼德姆。

Great. Thanks, guys. Congrats on a great quarter. You caught up the commercial momentum. Any particular reason that back half wouldn't look more like Q2 here, maybe an offset to some of the recent crypto launches, which seem well-positioned or was it more of just a pull forward here?

偉大的。謝謝大家。恭喜本季取得優異成績。你趕上了商業勢頭。有什麼特別的原因導致下半年看起來不像第二季度，也許是對最近推出的一些加密貨幣的抵消，這些加密貨幣似乎處於有利位置，還是只是向前拉動？

Thank you for the question. We don't see it as a pull forward. We see continued momentum sort of as we move through the year. Yes, we've given you specific point guidance for how we see the year unfolding. There's always some natural timing for how we see things play out through the year, but it was certainly not a pull forward into Q2 in terms of our results.

謝謝你的提問。我們不認為這是一種進步。隨著時間的流逝，我們看到這種勢頭持續不斷。是的，我們已經為您提供了有關今年發展的具體指導。我們總是會自然而然地看到事情在一年中如何發展，但就我們的結果而言，這肯定不會提前進入第二季。

Okay, great. And then just on the margin profile of some of those newer launches, are those cards coming in similar margin profile, anything to call out there?

好的，太好了。那麼，就一些較新推出的卡的利潤率情況而言，這些卡的利潤率是否相似，有什麼需要注意的嗎？

Thank you. On the margin question, as both Dave and I and Tim all noted, actually, we are beginning to see -- we believe the effects of the operating system work and it's happening throughout every function in the company, including manufacturing. But it is, we think, a pretty meaningful contributor to the improvements that we saw in gross margin during the quarter. So I'd say we're really pleased with the operating system work and the impact that it's driving.

謝謝。關於利潤率問題，正如戴夫、我和提姆都指出的那樣，實際上，我們開始看到——我們相信作業系統的效果是有效的，而且它正在公司的每個職能部門發生，包括製造業。但我們認為，這對我們本季毛利率的提高做出了相當大的貢獻。所以我想說，我們對作業系統的工作及其產生的影響感到非常滿意。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

Thank you. Congrats on the quarter. I guess I have a few questions. First, I want to hear, obviously, the gross margins were up sharply, and I understand that the operating system is working, but I was hoping maybe you could talk about maybe some of the most impactful operational changes you guys have made. And I'm going to ask you this, I don't know that I'm going to answer, but how much more efficiency is available like over the next 12, 18 months? And then I have some follow-ups.

謝謝。恭喜本季取得佳績。我想我有幾個問題。首先，我想聽聽，顯然毛利率大幅上升，而且我知道作業系統正在運行，但我希望你們能談談你們所做的一些最有影響力的營運變革。我要問你這個問題，我不知道我會不會回答，但在接下來的 12 到 18 個月內，效率能提高多少？然後我還有一些後續問題。

Thanks for the questions, Reggie. So I'm not going to get specific on the specific operational improvements, which function of operations. It is throughout manufacturing.

謝謝你的提問，雷吉。因此，我不會具體談論具體的操作改進，即操作的功能。它貫穿整個製造過程。

And in addition to the manufacturing, I've talked about, it's literally from the time we take an order to the time cash comes in the door. The intensity, the focus, the discipline that we are providing around all aspects of that are all contributing to the improvements that you're seeing in the gross margin lines.

除了我談到的製造過程之外，這實際上就是從我們接到訂單到收到現金的過程。我們在各個方面提供的強度、重點和紀律都有助於您在毛利率方面看到的改善。

And so as we move through the back half of the year, some of that's impacted by product mix in a particular quarter. And you will see perhaps some variation and fluctuation in that, but we believe we can maintain this strong margin profile and continue to drive additional improvements, which was the core to your question.

因此，當我們進入下半年時，部分因素會受到特定季度產品組合的影響。您可能會看到其中的一些變化和波動，但我們相信我們可以保持強勁的利潤率並繼續推動進一步的改善，這是您問題的核心。

Those improvements let us continue to reinvest in the business, right, in manufacturing, in sales ,and other things that we need to ensure we continue to grow the business and continue to drive additional operating efficiencies.

這些改進使我們能夠繼續對業務進行再投資，對製造、銷售以及其他我們需要確保業務繼續成長並繼續提高營運效率的事情。

So we've said from the beginning, Reggie, we will reinvest some of that back in seed planting for the future. And we believe there's actually still a good bit of opportunity ahead of us on the operations side.

所以我們從一開始就說過，雷吉，我們將把其中的一部分重新投資於未來的播種。我們相信，在營運方面我們仍然有很多機會。

Okay, that sounds good. Looking forward to seeing that unfold. I was hoping to ask Dave, and maybe you can speak to this, but I would love to hear about the M&A pipeline and maybe talk about how many deals are in like serious diligence and what you expect there?

好的，聽起來不錯。期待看到事情的進展。我希望問戴夫，也許你可以談談這個問題，但我很想聽聽有關併購管道的情況，也許可以談談有多少交易正在進行認真的盡職調查，以及你對此有何期望？

And then finally, and you may or may not be able to answer this, but looking at your Resolute Holdings, and I know that they earn a management fee, but I'm not sure if there's anything else in there, kicker or incentives that may explain its value? Am I missing something there on Resolute in terms of what they can earn from your success?

最後，您可能能夠或可能無法回答這個問題，但看看您的 Resolute Holdings，我知道他們賺取管理費，但我不確定其中是否還有其他東西，附加條款或激勵措施可以解釋其價值？關於 Resolute 可以從你的成功中獲得什麼，我是否遺漏了什麼？

So on the first part of the question, I would say the M&A pipeline is robust. There are a lot of opportunities out there that we are looking at and evaluating.

因此，關於問題的第一部分，我想說併購通路是強勁的。我們正在尋找和評估很多機會。

I am not going to comment, Reggie, on how many or which ones are deep into diligence, et cetera. I'm going to come back to there are a set of core criteria that we look at for any deal that we're going to do that align well to the framework that Dave used to drive nearly 100 acquisitions during his time at Honeywell. Those same criteria are the core criteria we're going to use here.

雷吉，我不會評論有多少人或哪些人非常勤奮等等。我要回到我們討論的一系列核心標準，這些標準對於我們進行的任何交易都適用，這些標準與戴夫在霍尼韋爾任職期間推動近 100 筆收購的框架相一致。這些相同的標準是我們將在這裡使用的核心標準。

And we're going to be very selective. We're trying to find the next CompoSecure, a market leader, great company that is undervalued and do an accretive deal for our shareholders.

我們會非常謹慎地選擇。我們正在努力尋找下一個 CompoSecure，一家市場領導者、一家被低估的優秀公司，並為我們的股東提供增值交易。

And to the second part of the question, I'm not going to comment deeply, as you said when you asked the question on the valuation there. The business, as I tried to explain, is pretty straightforward in terms of the management fee paid from Compo less the expenses there.

對於問題的第二部分，正如您在詢問估值問題時所說的那樣，我不會深入評論。正如我試圖解釋的那樣，這項業務非常簡單，就是 Compo 支付的管理費減去那裡的費用。

The point that we've made over time, Reggie, is that the goal is that the management fee will grow as we grow EBITDA, as we acquire new companies, the goal would be to see material growth in our EBITDA, therefore, the management fee while keeping costs relatively flattish there driving huge operational leverage in that business. And we think that makes it quite an attractive investment opportunity. I'm not going to comment specifically on the valuation.

雷吉，我們一直以來強調的觀點是，我們的目標是隨著 EBITDA 的增長，管理費也會隨之增長，隨著我們收購新公司，我們的目標是看到 EBITDA 實現實質性增長，因此，在保持成本相對平穩的同時，管理費可以推動該業務的巨大運營槓桿。我們認為這是一個相當有吸引力的投資機會。我不會對估值發表具體評論。

Jacob Stephan, Lake Street Capital Markets.

Jacob Stephan，Lake Street Capital Markets。

Great quarter, guys. Just wanted to touch on a couple of things. So we've seen a lot of these kind of relaunch programs with the Chase Sapphire Reserve and I think Amex recently did one last year. But what -- I guess, what does the pipeline look for kind of relaunches of existing metal card offerings out there? And maybe if you could kind of help us think through what the new card program pipeline looks like?

太棒了，夥計們。只是想談幾件事。因此，我們看到大通藍寶石儲備卡 (Chase Sapphire Reserve) 等許多此類重新推出的計劃，而且我認為美國運通 (Amex) 去年也推出了一項。但是——我猜，通路在尋找什麼樣的現有金屬卡產品的重新推出？也許您可以幫助我們思考新的卡片規劃流程是什麼樣的？

Thank you for the question. When we look forward, Jacob, we are -- and we commented today, we're very pleased with what we're seeing evolve in the premium card market in terms of banks across the spectrum that continue to compete for customers in this segment.

謝謝你的提問。雅各布，當我們展望未來時，我們——正如我們今天評論的那樣，我們對高端信用卡市場的發展感到非常高興，因為各個銀行都在繼續爭奪這一領域的客戶。

We've also seen the cards move from high net worth to mass affluent and into mass market. That's the point that we are making around 4 billion payment cards issued, we think, on an annual basis, we're still less than 1%, providing that opportunity that we described.

我們也看到這些卡片從高淨值人士轉向大眾富裕人群並進入大眾市場。這就是我們每年發行約 40 億張支付卡的原因，我們認為，按年計算，這一比例仍不到 1%，這提供了我們所描述的機會。

So coming back to the core of your question, we like that competition for this segment of customers. We think it's healthy for our business using premium cards as part of a value proposition that they're delivering for their customers. We think the market is finding it compelling.

所以回到你問題的核心，我們喜歡針對這部分客戶的競爭。我們認為，使用高級卡作為他們為客戶提供的價值主張的一部分，對我們的業務是有益的。我們認為市場對此十分感興趣。

Yes, that is what we see driving the growth that we're seeing right now in the business, and we believe will drive our future years' growth. And you heard me comment on that and you heard Dave comment on that in terms of our outlook and conviction on this business where we are and the opportunity that we still see in front of us, which we think is quite material.

是的，這就是我們所看到的推動當前業務成長的因素，我們相信這也將推動我們未來幾年的成長。您聽到了我對此的評論，您聽到了戴夫就我們對當前業務的展望和信念以及我們面前仍然看到的機會發表評論，我們認為這些機會非常重要。

Got it. Very helpful. And maybe if I could just kind of ask more of a crypto-focused question. Obviously, there's been significant kind of legislation proposed and you've kind of got the rise of stablecoins. But is there any other driving factors between several other of the major exchanges kind of rolling out their card offerings or upgrading existing?

知道了。非常有幫助。也許我可以問一些更多與加密相關的問題。顯然，已經提出了重要的立法，穩定幣也開始興起。但是，其他幾家主要交易所推出信用卡產品或升級現有信用卡產品之間是否有其他驅動因素？

Jacob, we think that's very exciting opportunities. So to see folks like Coinbase, Robinhood, Gemini, Crypto.com making the kind of strides that they are at the intersection in our view of crypto and payments, we think this is a very exciting time.

雅各布，我們認為這是一個非常令人興奮的機會。因此，看到 Coinbase、Robinhood、Gemini、Crypto.com 等公司在加密貨幣和支付領域的交叉領域取得如此大的進步，我們認為這是一個非常令人興奮的時刻。

Overlay, the recent changes with stablecoins and the work that our team has done to basically build the capabilities to help spending of stablecoins from cold storage at point of sale over traditional rails or direct wallet to wallet. We're very excited about how we're positioned for the opportunities ahead there.

覆蓋，穩定幣的最新變化以及我們團隊所做的工作，基本上構建了幫助在銷售點通過傳統方式或直接錢包到錢包來消費冷錢包中的穩定幣的能力。我們對於未來機會的定位感到非常興奮。

Great, I appreciate all the color. Thank you, guys.

太棒了，我很欣賞所有的顏色。謝謝你們。

Appreciate the question. Thank you.

感謝你的提問。謝謝。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Okay. And maybe you did mention that Arculus contribution was positive. So kind of just following up, what's the path there? Are you investing more and the revenue is growing? Could you -- is there a way to kind of expand on that in the context of your disclosure?

好的。也許您確實提到過 Arculus 的貢獻是正面的。那麼接下來請繼續關注，那裡的路徑是怎麼樣的呢？您的投資是否增加了，收入是否也增加了？您能否－在您的揭露中，有沒有什麼方法可以進一步闡述這一點？

Yeah. I'd say generally, it's being driven by revenue growing by far the number one driver of what's driving that positive contribution in the business. I'd say our spending or investment is fairly flat to slightly increasing on the things like the sales side, go-to-market, Moshe. But overall, it's revenue growth that is driving the day there.

是的。我想說，整體而言，收入成長是推動業務積極貢獻的首要因素。我想說的是，在銷售方面、市場進入方面、Moshe 方面，我們的支出或投資基本上持平或略有增加。但整體而言，營收成長才是推動其發展的動力。

Thank you so much. And ladies and gentlemen, this concludes our Q&A session and conference for today. Thank you all for participating. And you may now disconnect.

太感謝了。女士們、先生們，今天的問答環節和會議到此結束。感謝大家的參與。現在您可以斷開連線了。